The Reporter (Ethiopian Reporter English)

Sudan’s unpaid electricity bills top USD 90 million Receivables from Sudan for electricity exports are piling up as the war-torn country fails to settle its bills for the third year in a row. The bills amount to a reported USD 90 million. “Sudan hasn’t paid its electricity bills for the third year now,” Prime Minister Abiy Ahmed (PhD) told Parliament on Thursday. Senior officers at the state-owned Ethiopian Electric Power (EEP) confirmed to The Reporter that receivables from Khartoum have topped USD 90 million. Nonetheless, they say the utility provider will continue supplying energy to Sudan. Overdue electricity bills were not the only time the PM brought up […] Read More : https://tinyurl.com/2yshwx9d

Ahadu Bank reports first taste of profits Paid-up capital up to 1.03 billion birr The shareholders of Ahadu Bank breathe a sigh of relief as it records its first ever profits before taxes and other deductibles of over 175 million birr two years after it kicked off operations. The Bank’s operating income surged to 1.15 million birr, reflecting sustained growth in banking activities while diversified revenue streams contributed significantly to its performance. “The Bank’s commitment to financial inclusion, strong partnerships, and collaborations with stakeholders as well as deployment of digital technology has been instrumental in its success helping it mobilize 4.6 billion Birr in deposits, reflecting the […] Read More : https://tinyurl.com/2ake6uos

EHRC raises alarm over continued human rights violations, calls for peaceful solutions The Ethiopian Human Rights Commission (EHRC) has called again for transparent, inclusive and credible peaceful solutions and transitional justice processes to armed conflicts, which its latest annual report says are still a major cause for human rights violations in the country. Published this week, the report covering the year leading up to June 2024 noted the recent approval of the transitional justice policy and initiations of peace talks with armed groups as positive progress, but emphasized that the transitional justice initiative needs to be victim-centered, transparent, and up to international standards. The past year has been marked by severe and […] Read More : https://tinyurl.com/227bp5vj

No cure for misdiagnosed malaise Prime Minister Abiy Ahmed’s (PhD) response to lawmakers during a parliamentary hearing mid-week where they put questions to him about the performance of the federal government for the just ended fiscal year as usual has stirred controversy. From the security crisis in the Amhara and Oromia regions to macroeconomic challenges, inflation, the implementation of the Pretoria peace accord, the diplomatic standoff with Somalia, and corruption he addressed a range of topics parliamentarians raised. He particularly offered a full-throated defense of his administration’s performance while addressing questions that were critical of it. Of his take on the criticism of the government […] Read More : https://tinyurl.com/2xzszl5a

St George roast Fasil, Sidama upsets Bahir Dar City St George concluded their Ethiopia Premier League season in style with a commanding 4-0 victory over Fasil City, while Sidama Coffee edged out Bahir Dar City with a 2-1 win. Dawit Tefera netted a crucial goal just before halftime, giving St George a 1-0 lead at the break. Despite Fasil City’s spirited efforts in the second half, they ultimately failed to score and seemed poised for either a narrow loss or a potential comeback. However, a quick-fire brace by St George’s talisman Amanuel Arbo in the 80th and 90+1 minutes took them to 3-0. Tegenu Teshome added one more on […] Read More : https://tinyurl.com/232h9qwb

Ethiopia: PM Announces Ethiopia's Official Bid to Host Afcon 2029 Prime Minister Abiy Ahmed (PhD) announced that Ethiopia has officially submitted a request to the Confederation of African Football (CAF) to host the African Cup of Nations (AFCON) in 2029. The Prime Minister assured that all necessary infrastructure will be constructed and completed in a timely manner if Ethiopia wins the bid. During a friendly match with former African soccer stars, Premier Abiy highlighted the complex preparations required to host AFCON and emphasized Ethiopia’s intensified efforts to realize this goal. “Ethiopia has requested to host AFCON 2029. The qualifications to win this bid are complex. We have appointed former Nigerian […] Read More : https://tinyurl.com/26zlle2z

Central bank revamps monetary policy Governor Mamo Mihretu has announced a rework of the National Bank of Ethiopia’s (NBE) monetary policy, shifting from the regulator’s long held intervention-based regime to one guided by a policy interest rate. The National Bank Rate (NBR) will be used as the “primary means of signaling [the central bank’s] policy stance and influencing broader monetary and credit conditions,” according to a statement released by the NBE today. The Governor has set the initial NBR, or the rate at which the central bank will lend to commercial banks, at 15 percent. It is lower than the average commercial lending rates of […] Read More : https://tinyurl.com/27jn5lh8

Central bank revamps monetary policy Governor Mamo Mihretu has announced a rework of the National Bank of Ethiopia’s (NBE) monetary policy, shifting from the regulator’s long held intervention-based regime to one guided by a policy interest rate. The National Bank Rate (NBR) will be used as the “primary means of signaling [the central bank’s] policy stance and influencing broader monetary and credit conditions,” according to a statement released by the NBE today. The Governor has set the initial NBR, or the rate at which the central bank will lend to commercial banks, at 15 percent. It is lower than the average commercial lending rates of around 18 percent. Banking industry insiders say borrowing from the NBE is often only done as a last resort in times of low liquidity. The NBE will begin conducting bimonthly monetary policy related auctions, dubbed Open Market Operations, as a tool to supply or withdraw liquidity from the banking system. The first of these auctions is scheduled to take place later this week, according to the statement. Mamo and his team of regulators are gearing up to introduce an electronic interbank money market that would allow commercial banks to actively lend and borrow from one another. Overnight lending and deposit facilities will also be availed to commercial banks that “might need to manage their liquidity positions over just a one-day horizon,” according to the statement.

Ministry unveils 30-year irrigation roadmap Nine billion birr earmarked for irrigation projects in 2024/25 The Ministry of Lowlands and Irrigation has published a three-decade irrigation roadmap its officials hope to use to boost agricultural productivity from the upcoming fiscal year. Ministry experts prepared the roadmap by analyzing the results of six major research studies conducted with financial backing from the World Bank. The studies assessed the country’s irrigation potential, needs, and challenges with lessons extracted from irrigation policies and projects across four continents. “The lessons from Bangladesh were particularly striking,” said Wubeshet Zhekale, research coordinator and an advisor at the Ministry. “They utilize 82 percent […] Read More : https://tinyurl.com/2aramf4c